Karachi, August 24, 2023 – Pakistan’s equities market witnessed a notable upswing on Thursday, with gains of 332 points, as a wave of positive sentiments enveloped the trading floor.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 47,751 points, surpassing the previous day’s closing figure of 47,419 points.
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Analysts from Topline Securities pointed out that Pakistan’s equities market experienced a remarkable turnaround after four consecutive sessions of negative performance. This surge in the index was driven by several key factors that contributed to renewed investor confidence.
Throughout the trading day, market sentiment remained robust as investors responded positively to initial virtual dialogues held between officials from the incumbent caretaker government and representatives from the International Monetary Fund (IMF). These discussions centered around the Circular Debt Management Plan, which aims to address the complex issue of circular debt in the country’s energy sector.
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Resultantly, blue-chip stocks in the banking, technology, and energy sectors attracted significant buying interest. Notable gainers included MCB, UBL, SYS, POL, and MEBL, collectively adding 203 points to the index. Conversely, some stocks like DAWH, FABL, and NESTLE experienced selling pressure, collectively losing 77 points.
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Market activity was robust, with a substantial volume of approximately 252 million shares changing hands, representing a total value of around Rs 12.8 billion. Faysal Bank took the lead in the volume chart, with an impressive exchange of 21.9 million shares during the trading day.
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The positive momentum observed in Pakistan’s equities market on this day reflects the significance of economic discussions and market sentiment in driving investor behavior. As stakeholders continue to closely monitor developments in the economic landscape, the market’s response to crucial dialogues and policy measures remains a critical indicator of investor confidence and market stability.
